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President Bola Ahmed Tinubu is set to depart for Paris, France, on Wednesday for a short working visit, the Presidency has announced.

In a statement signed by his spokesperson, Bayo Onanuga, the visit will focus on assessing the administration’s mid-term performance and reviewing key milestones. Tinubu is also expected to evaluate ongoing reforms and engage in strategic planning ahead of his administration’s second anniversary.

“The period of reflection will inform plans to deepen ongoing reforms and accelerate national development priorities in the coming year,” Onanuga stated.

He noted that recent economic improvements highlight the administration’s commitment to reforms, citing an increase in Nigeria’s net foreign exchange reserves to $23.11 billion, up from $3.99 billion in 2023, as reported by the Central Bank of Nigeria.

While in Paris, Tinubu will remain actively engaged with his team and continue overseeing governance activities. He is expected to return to Nigeria in about two weeks.

A coalition of Nigerian professionals and political figures has petitioned the African Union (AU) over the recent declaration of a state of emergency in Rivers State, describing the suspension of Governor Siminilayi Fubara and the State House of Assembly as unconstitutional.

In a letter addressed to AU Commission Chairperson Alhaji Mahmoud Ali Youssouf, the group argued that the action violated Nigeria’s constitution and posed a threat to democracy in Africa.

The petition, signed by Professor Senator Opeyemi Ola, Professor Adah George, Rt. Hon. Dr. James Oloko, and Dr. Mrs. Evelyn E. Ogolime, urged the AU to intervene, calling the move an abuse of power.

“With President Tinubu as the Chairman of ECOWAS, Nigeria is expected to uphold democratic governance. His decision to suspend the democratically elected Governor of Rivers State and the State House of Assembly is a violation of the Constitution and an affront to democratic principles,” the petition stated.

The coalition cited Section 305 of the Constitution, which the President referenced, arguing that it does not grant him the power to suspend or remove elected officials. They insisted that the process for removing a governor is explicitly outlined in Section 188, making the President’s action unconstitutional.

Describing the move as a threat to democracy, the group warned that it could set a dangerous precedent for the suppression of democratic institutions across Africa.

The coalition further called on the AU to send a fact-finding mission to Rivers State to assess the situation and ensure democratic institutions were protected.

“We urge you to prevail upon President Tinubu to lift the State of Emergency in Rivers State and restore the democratically elected government. The AU Commission must take concrete steps to ensure that Nigeria, as a member state, upholds the principles of democracy, human rights, and the rule of law,” the petition added.

A windstorm on Sunday wreaked havoc in Ilorin, the Kwara State capital, as well as Ogele and Eyenkorin in Asa Local Government Area, damaging no fewer than 200 houses, public schools, and electric cables.

The rainstorm, which accompanied the evening downpour, disrupted Eid-el-Fitr celebrations in the affected communities, leaving significant destruction in its wake.

Residents reported that the storm blew off the roofs of about 200 houses, while over 20 buildings, including schools, shops, and business premises, collapsed.

Vice Chairman of Ifelodun Community in Eyenkorin, Zubairu Abiola, described the damage as severe, noting that many residents had been rendered homeless.

“The destruction is huge. This has resulted in many residents becoming homeless suddenly. This will require much rehabilitation from the state government,” he said.

Abiola called on Governor AbdulRahman AbdulRazaq to provide urgent assistance to the affected communities.

The Nigeria Sovereign Investment Authority (NSIA) has reported an operating profit of N1.86 trillion for the 2024 financial year, representing a 59 percent increase from the N1.17 trillion recorded in 2023.

In a statement on Tuesday, Joyce Onyegbula, NSIA’s head of corporate communications, attributed the performance to the resilience of the authority’s investment strategy, strong earnings, a diversified revenue base, and robust risk management despite global economic challenges.

“NSIA has remained profitable for 12 consecutive years, resulting in cumulative retained earnings of N3.74 trillion at the end of 2024,” Onyegbula said.

She noted that total operating profits, excluding earnings from associates and joint ventures, rose from N1.17 trillion in 2023 to N1.86 trillion in 2024. The increase was driven by the strong performance of NSIA’s diversified investment portfolio, infrastructure assets, and gains from foreign exchange movements and derivative valuations.

According to Onyegbula, total comprehensive income—including profits from associates and joint ventures—stood at N1.89 trillion in 2024, reflecting a 59 percent increase from N1.18 trillion in the previous year.

Core total comprehensive income, excluding foreign exchange and derivative valuation gains, surged by 148 percent to N407.9 billion in 2024, up from N164.7 billion in 2023. The rise was supported by robust returns on financial assets measured at fair value, including collateralized securities, private equity, hedge funds, and exchange-traded funds.

NSIA further reported that net assets nearly doubled, increasing by 96 percent to N4.35 trillion as of December 2024, compared to N2.22 trillion in December 2023.

Commenting on the results, NSIA Chief Executive Officer Aminu Umar-Sadiq described the financial performance as “outstanding,” emphasizing the strength of the authority’s strategic vision, disciplined execution, and commitment to sustainable socio-economic growth.

“By leveraging innovation, strategic partnerships, and sound risk management, we have not only delivered strong returns but also created value for our stakeholders,” Umar-Sadiq said.